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U(C,N)=in(c+80)+in(n+8) Describe Alfred. C consumption. N leisure hours. Alfred work16h. Sleep 8h. A's wage be w. The budget constrain is c=wh. H total number A
U(C,N)=in(c+80)+in(n+8)
Describe Alfred. C consumption. N leisure hours. Alfred work16h. Sleep 8h. A's wage be w. The budget constrain is c=wh. H total number A works. C=Y
- Given information above. What is A 's optimal choice of leisure Ne
- Assume Bruce Wayne(inverse) demand for his personal butler W=30-Hd. W isthe wage rate. Hd is hours demanded per day. What is the wage w paid to A and how many hours he work.
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Essentials of Economics
Authors: N. Gregory Mankiw
8th edition
1337091995, 978-1337515351, 1337515353, 978-1337091992
